HONDA AUTO RECEIVABLES 2010-2 OWNER TRUST, as Issuer, AMERICAN HONDA FINANCE CORPORATION, as Sponsor and Administrator, AMERICAN HONDA RECEIVABLES CORP., as Depositor, and THE BANK OF NEW YORK MELLON as Indenture Trustee ADMINISTRATION AGREEMENT Dated...
Exhibit
99.3
EXECUTION
COPY
as
Issuer,
AMERICAN
HONDA FINANCE CORPORATION,
as
Sponsor and Administrator,
AMERICAN
HONDA RECEIVABLES CORP.,
as
Depositor,
and
THE BANK
OF NEW YORK MELLON
as
Indenture Trustee
Dated as
of May 1, 2010
TABLE OF
CONTENTS
Page
|
||
Section
1.01
|
Capitalized
Terms; Interpretive Provisions
|
1
|
Section
1.02
|
Duties
of the Administrator
|
2
|
Section
1.03
|
Records
|
7
|
Section
1.04
|
Compensation
|
7
|
Section
1.05
|
Additional
Information to be Furnished to the Issuer
|
8
|
Section
1.06
|
Independence
of the Administrator
|
8
|
Section
1.07
|
No
Joint Venture
|
8
|
Section
1.08
|
Other
Activities of Administrator
|
8
|
Section
1.09
|
Term
of Agreement; Resignation and Removal of Administrator
|
8
|
Section
1.10
|
Action
Upon Termination, Resignation or Removal
|
9
|
Section
1.11
|
Notices
|
10
|
Section
1.12
|
Amendments
|
10
|
Section
1.13
|
Successors
and Assigns
|
10
|
Section
1.14
|
Governing
Law; Submission to Jurisdiction; Waiver of Jury Trial
|
11
|
Section
1.15
|
Headings
|
11
|
Section
1.16
|
Counterparts
|
11
|
Section
1.17
|
Severability
|
11
|
Section
1.18
|
Limitation
of Liability of Owner Trustee and Indenture Trustee
|
12
|
Section
1.19
|
Third-Party
Beneficiary
|
12
|
Section
1.20
|
Rights
of the Indenture Trustee
|
12
|
Section
1.21
|
Additional
Requirements of the Administrator
|
12
|
EXHIBITS
|
||
Exhibit
A - Form of Power of Attorney
|
A-1
|
|
Exhibit
B - Form of Annual Certification
|
B-1
|
|
Exhibit
C - Servicing Criteria to be Addressed in Assessment of
Compliance
|
C-1
|
This
Administration Agreement, dated as of May 1, 2010 (the “Agreement”), is among
Honda Auto Receivables 2010-2 Owner Trust, as Issuer (the “Issuer”), American
Honda Finance Corporation (“AHFC”), as sponsor (in such capacity, the “Sponsor”)
and administrator (in such capacity, the “Administrator”), American Honda
Receivables Corp. (“AHRC”), as depositor (in such capacity, the “Depositor”),
and The Bank of New York Mellon, as indenture trustee (the “Indenture
Trustee”).
WHEREAS,
the Issuer was created pursuant to the Amended and Restated Trust Agreement,
dated as of May 18, 2010 (the “Trust Agreement”), between the Depositor and
Deutsche Bank Trust Company Delaware, as owner trustee (the “Owner
Trustee”);
WHEREAS, the Issuer is issuing 0.51298%
Asset Backed Notes, Class A-1, 0.82% Asset Backed Notes, Class A-2, 1.34% Asset
Backed Notes, Class A-3 and 1.93% Asset Backed Notes, Class A-4 (collectively,
the “Notes”) pursuant to an Indenture, dated as of the date hereof (the
“Indenture”), between the Issuer and the Indenture Trustee;
WHEREAS,
the Issuer has entered into certain agreements in connection with the issuance
of the Notes and of certain beneficial ownership interests of the Issuer,
including (i) the Indenture, (ii) a Sale and Servicing Agreement, dated as of
the date hereof (the “Sale and Servicing Agreement”), among the Issuer, AHRC, as
transferor (in such capacity, the “Seller”), and AHFC, as servicer (in such
capacity, the “Servicer”) and (iii) a Letter of Representations, dated May 18,
2010 (the “Note Depository Agreement”) among the Issuer, the Indenture Trustee
and The Depository Trust Company (collectively with this Agreement, the
Indenture, the Sale and Servicing Agreement, the Control Agreement, the Trust
Agreement and the Note Depository Agreement, the “Related
Documents”);
WHEREAS,
pursuant to the Related Documents, the Issuer and the Owner Trustee are required
to perform certain duties in connection with (i) the Notes and the collateral
therefor pledged pursuant to the Indenture (the “Collateral”) and (ii) the
beneficial ownership interests in the Issuer (the registered holders of such
interests being referred to herein as the “Owners”);
WHEREAS,
the Issuer and the Owner Trustee desire to have the Administrator perform
certain duties of the Issuer and the Owner Trustee referred to in the preceding
clause and to provide such additional services consistent with the terms of this
Agreement and the other Related Documents as the Issuer and the Owner Trustee
may from time to time request; and
WHEREAS,
the Administrator has the capacity to provide the services required hereby and
is willing to perform such services for the Issuer and the Owner Trustee on the
terms set forth herein;
NOW,
THEREFORE, in consideration of the mutual agreements herein contained, and of
other good and valuable consideration, the receipt and adequacy of which are
hereby acknowledged, the parties hereto agree as follows:
Section
1.01 Capitalized Terms;
Interpretive Provisions.
(a) Capitalized
terms used herein that are not otherwise defined shall have the meanings
ascribed thereto or incorporated by reference in the Sale and Servicing
Agreement, the Trust Agreement or the Indenture, as the case may be. Whenever
used herein, unless the context otherwise requires, the following words and
phrases shall have the following meanings:
“Agreement” means this
Administration Agreement, as amended, supplemented or modified from time to
time.
“Related Documents”
has the meaning set forth in the Preamble.
(b) For
all purposes of this Agreement, except as otherwise expressly provided or unless
the context otherwise requires, (i) terms used in this Agreement include, as
appropriate, all genders and the plural as well as the singular, (ii) references
to this Agreement include all Exhibits hereto, (iii) references to words such as
“herein”, “hereof” and the like shall refer to this Agreement as a whole and not
to any particular part, Article or Section within this Agreement, (iv) the term
“include” and all variations thereof shall mean “include without limitation”,
(v) the term “or” shall include “and/or” and (vi) the term “proceeds” shall have
the meaning ascribed to such term in the UCC.
Section
1.02 Duties of the
Administrator.
(a) The
Administrator agrees to perform all its duties as Administrator and, except as
specifically excluded herein, agrees to perform all the duties of the Issuer and
the Owner Trustee under the Related Documents. In addition, the Administrator
shall consult with the Owner Trustee regarding the duties of the Issuer or the
Owner Trustee under the Related Documents. The Administrator shall monitor the
performance of the Issuer and shall advise the Owner Trustee when action is
necessary to comply with the respective duties of the Issuer and the Owner
Trustee under the Related Documents. The Administrator shall prepare for
execution by the Issuer or the Owner Trustee, or shall cause the preparation by
other appropriate persons of, all such documents, reports, notices, filings,
instruments, certificates and opinions that it shall be the duty of the Issuer
or the Owner Trustee to prepare, file or deliver pursuant to the Related
Documents. In furtherance of the foregoing, the Administrator shall take (or, in
the case of the immediately preceding sentence, cause to be taken) all
appropriate action that the Issuer or the Owner Trustee is required to take
pursuant to the Indenture including, without limitation, such of the foregoing
as are required with respect to the following matters under the Indenture
(references are to Sections of the Indenture):
(i) the
preparation of or obtaining of the documents and instruments required for
execution and authentication of the Notes and delivery of the same to the
Indenture Trustee (Section 2.02);
(ii) the
duty to cause the Note Register to be kept and to give the Indenture Trustee
notice of any appointment of a new Note Registrar and the location, or change in
location, of the Note Register (Section 2.04);
(iii) the
notification of Noteholders and the Rating Agencies of the final principal
payment on the Notes (Section 2.07(b));
2
(iv) the
fixing or causing to be fixed of any special record date and the notification of
the Indenture Trustee and Noteholders with respect to special payment dates, if
any (Section 2.07(c));
(v) the
preparation of Definitive Notes in accordance with the instructions of the
Clearing Agency (Section 2.11);
(vi) the
preparation, obtaining or filing of the instruments, opinions and certificates
and other documents required for the release of collateral (Section
2.12);
(vii) the
duty to cause newly appointed Paying Agents, if any, to deliver to the Indenture
Trustee the instrument specified in the Indenture regarding funds held in trust
(Section 3.03);
(viii) the
direction to the Indenture Trustee to deposit monies with Paying Agents, if any,
other than the Indenture Trustee (Section 3.03);
(ix) the
obtaining and preservation of the Issuer’s qualifications to do business,
including under the Pennsylvania Motor Vehicle Sale Finance Act and Maryland
Code Financial Institutions, Title 11, Subtitle 4 (Section 3.04), as
applicable;
(x) the
preparation of all supplements and amendments to the Indenture and all financing
statements, continuation statements, instruments of further assurance and other
instruments and the taking of such other action as are necessary or advisable to
protect the Owner Trust Estate (Section 3.05);
(xi) the
delivery of the Opinion of Counsel on the Closing Date and the annual delivery
of Opinions of Counsel as to the Owner Trust Estate, and the annual delivery of
the Officer’s Certificate and certain other statements as to compliance with the
Indenture (Sections 3.06 and 3.09);
(xii) the
identification to the Indenture Trustee in an Officer’s Certificate of a Person
with whom the Issuer has contracted to perform its duties under the Indenture
(Section 3.07(b));
(xiii) the
notification of the Indenture Trustee and the Rating Agencies of each Servicer
Default and, if such Servicer Default arises from the failure of the Servicer to
perform any of its duties or obligations under the Servicing Agreement with
respect to the Receivables, the taking of all reasonable steps available to
remedy such failure (Section 3.07(d));
(xiv) the
preparation and obtaining of documents and instruments required for the release
of the Issuer from its obligations upon the merger or consolidation of the
Issuer under the Indenture and the obtaining of the Opinion of Counsel and the
Officer’s Certificate relating thereto (Section 3.10);
(xv) the
duty to cause the Servicer to comply with Sections 3.10, 3.11, 3.12, 4.10 and
Article Eight of the Sale and Servicing Agreement (Section
3.14);
3
(xvi) the
delivery of written notice to the Indenture Trustee and each Rating Agency of
each Event of Default and each default by the Servicer or the Seller under the
Sale and Servicing Agreement (Section 3.19);
(xvii) the
monitoring of the Issuer’s obligations as to the satisfaction and discharge of
the Indenture and the preparation of an Officer’s Certificate and the obtaining
of the Opinion of Counsel and the Independent Certificate relating thereto
(Section 4.01);
(xviii) the
compliance with Section 5.04 of the Indenture with respect to the sale of the
Owner Trust Estate in a commercially reasonable manner if an Event of Default
shall have occurred and be continuing (Section 5.04);
(xix) the
preparation and delivery of notice to Noteholders of the removal of the
Indenture Trustee and the appointment of a successor Indenture Trustee (Section
6.08);
(xx) the
preparation and delivery to each Noteholder such information as may be required
to enable such holder to prepare its federal and state income tax returns
(Section 6.06);
(xxi) the
preparation of any written instruments required to confirm more fully the
authority of any co-trustee or separate trustee and any written instruments
necessary in connection with the resignation or removal of the Indenture Trustee
or any co-trustee or separate trustee (Sections 6.08 and 6.10);
(xxii) the
furnishing of the Indenture Trustee with the names and addresses of Noteholders
during any period when the Indenture Trustee is not the Note Registrar (Section
7.01);
(xxiii) the
preparation and, after execution by the Issuer, the filing with the Commission,
any applicable state agencies and the Indenture Trustee of documents required to
be filed on a periodic basis with, and summaries thereof as may be required by
rules and regulations prescribed by, the Commission and any applicable state
agencies and the transmission of such summaries, as necessary, to the
Noteholders (Section 7.03);
(xxiv) the
opening of one or more accounts in the Issuer’s name and the taking of all other
actions necessary with respect to investment and reinvestment of funds in the
Accounts (Sections 8.02 and 8.03);
(xxv) the
preparation of an Issuer Request and Officer’s Certificate and the obtaining of
an Opinion of Counsel and Independent Certificates, if necessary, for the
release of the Owner Trust Estate (Sections 8.04 and 8.05);
(xxvi) the
preparation of Issuer Requests, the obtaining of Opinions of Counsel and the
certification to the Indenture Trustee with respect to the execution of
supplemental indentures and the mailing to the Noteholders of notices with
respect to such supplemental indentures (Sections 9.01 and
9.02);
4
(xxvii) the
execution and delivery of new Notes conforming to any supplemental indenture
(Section 9.06);
(xxviii) the
duty to notify Noteholders and the Rating Agencies of redemption of the Notes or
to cause the Indenture Trustee to provide such notification (Sections 10.01 and
10.02);
(xxix) the
preparation and delivery of all Officer’s Certificates, Opinions of Counsel and
Independent Certificates with respect to any requests by the Issuer to the
Indenture Trustee to take any action under the Indenture (Section
11.01(a));
(xxx) the
preparation and delivery of Officer’s Certificates and the obtaining of
Independent Certificates, if necessary, for the release of property from the
Lien of the Indenture (Section 11.01(b));
(xxxi) the
notification of each Rating Agency, upon the failure of the Issuer, the Owner
Trustee or the Indenture Trustee to give such notification, of the information
required pursuant to Section 11.04 of the Indenture (Section 11.04);
and
(xxxii) the
recording of the Indenture, if applicable (Section 11.15).
(b) The
Administrator shall:
(i) pay,
on behalf of the Issuer, from time to time reasonable compensation to (A) the
Indenture Trustee for all services rendered by the Indenture Trustee under the
Basic Documents and (B) the Owner Trustee for all services rendered under the
Trust Agreement (in each case which compensation shall not be limited by any
provision of law in regard to the compensation of a trustee of an express
trust);
(ii) except
as otherwise expressly provided in the Indenture, reimburse, on behalf of the
Issuer, the Indenture Trustee upon its request for all reasonable expenses
(including in connection with the removal and/or resignation of the Indenture
Trustee in accordance with the Indenture), disbursements and advances incurred
or made by the Indenture Trustee in accordance with any provision of the Basic
Documents (including the reasonable compensation, expenses and disbursements of
its agents and counsel), except any such expense, disbursement or advance as may
be attributable to its willful misconduct, negligence or bad faith;
(iii) except
as otherwise expressly provided in the third sentence of Section 7.01 of the
Trust Agreement, reimburse, on behalf of the Issuer, the Owner Trustee upon its
request for all reasonable expenses (including in connection with the removal
and/or resignation of the Owner Trustee in accordance with the Trust Agreement),
disbursements and advances incurred or made by the Owner Trustee in accordance
with any provision of the Trust Agreement (including reasonable compensation,
expenses and disbursements of its agents and counsel), except any such expense,
disbursement or advance as may be attributable to its willful misconduct, gross
negligence or bad faith; and
5
(iv) indemnify,
on behalf of the Issuer, the Indenture Trustee and the Owner Trustee and their
respective agents for, and hold them harmless against, any loss, liability or
expense incurred without negligence (or, in the case of the Owner Trustee only,
gross negligence), willful misconduct or bad faith on their part, arising out of
or in connection with the acceptance or administration of the transactions
contemplated by the Basic Documents, as the case may be, including the
reasonable costs and expenses of defending themselves against any claim or
liability in connection with the exercise or performance of any of their powers
or duties thereunder.
The
obligations of the Administrator under this Section 1.02(b) shall survive the
termination of this agreement.
(c) In
addition to the duties set forth in Sections 1.02(a) and (b), the Administrator
shall perform such calculations and shall prepare or shall cause the preparation
by other appropriate Persons of, and shall execute on behalf of the Issuer, all
such documents, notices, reports, filings, instruments, certificates and
opinions that the Issuer or the Owner Trustee are required to prepare, file or
deliver pursuant to the Related Documents, and at the request of the Owner
Trustee shall take all appropriate action that the Issuer or the Owner Trustee
are required to take pursuant to the Related Documents. In furtherance thereof,
the Issuer shall execute and deliver to the Administrator and to each successor
Administrator appointed pursuant to the terms hereof, one or more powers of
attorney substantially in the form of Exhibit A hereto, appointing the
Administrator the attorney-in-fact of the Issuer for the purpose of executing on
behalf of the Issuer all such documents, reports, filings, instruments,
certificates and opinions. Subject to Section 1.06, and in accordance with the
directions of the Owner Trustee, the Administrator shall administer, perform or
supervise the performance of such other activities in connection with the
Collateral (including the Related Documents) as are not covered by any of the
foregoing provisions and as are expressly requested by the Owner Trustee and are
reasonably within the capability of the Administrator.
(d) Notwithstanding
anything in this Agreement or the Related Documents to the contrary, the
Administrator shall be responsible for promptly notifying the Owner Trustee in
the event that any withholding tax is imposed on the Issuer’s payments (or
allocations of income) to a Trust Certificateholder as contemplated in Section
5.02(c) of the Trust Agreement. Any such notice shall specify the amount of any
withholding tax required to be withheld by the Owner Trustee pursuant to such
provision.
(e) Notwithstanding
anything in this Agreement or the Related Documents to the contrary, the
Administrator shall be responsible for performance of the duties of the Owner
Trustee set forth in Section 5.05 of the Trust Agreement with respect to, among
other things, accounting and reports to Owners; provided, however, that the
Owner Trustee shall retain responsibility for the distribution of the Schedule
K-1’s, necessary to enable each Owner to prepare its federal and state income
tax returns; provided further, that such Schedule K-1’s have been prepared by
the Administrator and delivered to the Owner Trustee.
(f) The
Administrator shall perform any duties expressly required to be performed by the
Administrator under the Trust Agreement or the Indenture.
6
(g) In
carrying out the foregoing duties or any of its other obligations under this
Agreement, the Administrator may enter into transactions or otherwise deal with
any of its Affiliates; provided, however, that the terms of any such
transactions or dealings shall be in accordance with any directions received
from the Issuer and shall be, in the Administrator’s opinion, no less favorable
to the Issuer than would be available from unaffiliated parties.
(h) With
respect to matters that in the reasonable judgment of the Administrator are
non-ministerial, the Administrator shall not take any action unless within a
reasonable time before the taking of such action, the Administrator shall have
notified the Owner Trustee of the proposed action and the Owner Trustee shall
not have withheld consent or provided an alternative direction. For the purpose
of the preceding sentence, “non-ministerial matters” shall include:
(i) the
amendment of or any supplement to the Indenture;
(ii) the
initiation of any claim or lawsuit by the Issuer and the compromise of any
action, claim or lawsuit brought by or against the Issuer (other than in
connection with the collection of the Receivables);
(iii) the
amendment, change or modification of the Basic Documents;
(iv) the
appointment of successor Note Registrars, successor Paying Agents and successor
Indenture Trustees pursuant to the Indenture or the appointment of successor
Administrators or successor Servicers, or the consent to the assignment by the
Note Registrar, any Paying Agent or Indenture Trustee of its obligations under
the Indenture; and
(v) the
removal of the Indenture Trustee.
(i) Notwithstanding
anything to the contrary in this Agreement, the Administrator shall not be
obligated to, and shall not, (i) make any payments to the Noteholders under the
Related Documents, (ii) sell the Owner Trust Estate pursuant to Section 5.04 of
the Indenture, (iii) take any other action that the Issuer directs the
Administrator not to take on its behalf or (iv) take any other action which may
be construed as having the effect of varying the investment of the Trust
Certificateholders.
Section
1.03 Records. The
Administrator shall maintain appropriate books of account and records relating
to services performed hereunder, which books of account and records shall be
accessible for inspection by the Issuer and the Depositor at any time during
normal business hours.
Section
1.04 Compensation. As
compensation for the performance of the Administrator’s obligations under this
Agreement and as reimbursement for its expenses related thereto, the
Administrator shall be entitled to an annual payment of compensation which shall
be solely an obligation of the Depositor.
7
Section
1.05 Additional Information to be
Furnished to the Issuer. The Administrator shall furnish to
the Issuer from time to time such additional information regarding the
Collateral as the Issuer shall reasonably request.
Section
1.06 Independence of the
Administrator. For all purposes of this Agreement, the
Administrator shall be an independent contractor and shall not be subject to the
supervision of the Issuer or the Owner Trustee with respect to the manner in
which it accomplishes the performance of its obligations hereunder. Unless
expressly authorized by the Issuer, the Administrator shall have no authority to
act for or represent the Issuer or the Owner Trustee in any way and shall not
otherwise be deemed an agent of the Issuer or the Owner Trustee.
Section
1.07 No Joint
Venture. Nothing contained in this Agreement (i) shall
constitute the Administrator and either the Issuer or the Owner Trustee as
members of any partnership, joint venture, association, syndicate,
unincorporated business or other separate entity, (ii) shall be construed to
impose any liability as such on any of them or (iii) shall be deemed to confer
on any of them any express, implied or apparent authority to incur any
obligation or liability on behalf of the others.
Section
1.08 Other Activities of
Administrator. Nothing herein shall prevent the Administrator
or its Affiliates from engaging in other businesses or, in its sole discretion,
from acting in a similar capacity as an administrator for any other Person or
entity, even though such person or entity may engage in business activities
similar to those of the Issuer, the Owner Trustee or the Indenture
Trustee.
Section
1.09 Term of Agreement;
Resignation and Removal of Administrator. This Agreement shall
continue in force until the dissolution of the Issuer, upon which event this
Agreement shall automatically terminate.
(a) Subject
to Sections 1.09(d) and 1.09(e), the Administrator may resign its duties
hereunder by providing the Issuer with at least 60 days’ prior written
notice.
(b) Subject
to Sections 1.09(d) and 1.09(e), the Issuer may remove the Administrator without
cause by providing the Administrator with at least 60 days’ prior written
notice.
(c) Subject
to Sections 1.09(d) and 1.09(e), at the sole option of the Issuer, the
Administrator may be removed immediately upon written notice of termination from
the Issuer to the Administrator if any of the following events shall
occur:
(i) the
Administrator shall default in the performance of any of its duties under this
Agreement and, after notice of such default, shall not cure such default within
ten days (or, if such default cannot be cured in such time, shall not give
within ten days such assurance of cure as shall be reasonably satisfactory to
the Issuer);
(ii) the
existence of any proceeding or action, or the entry of a decree or order for
relief by a court or regulatory authority having jurisdiction over the
Administrator in an involuntary case under the federal bankruptcy laws, as now
or hereafter in effect, or appointing a receiver, liquidator, assignee, trustee,
custodian, sequestrator or other similar official of the Administrator or of any
substantial part of its property, or ordering the winding up or liquidation of
the affairs of the Administrator and the continuance of any such action,
proceeding, decree or order unstayed and, in the case of any such order or
decree, in effect for a period of 90 consecutive days;
8
(iii) the
commencement by the Administrator of a voluntary case under the federal
bankruptcy laws, as now or hereafter in effect, or the consent by the
Administrator to the appointment of or taking of possession by a receiver,
liquidator, assignee, trustee, custodian, sequestrator or other similar official
of the Administrator or of any substantial part of its property or the making by
the Administrator of an assignment for the benefit of creditors or the failure
by the Administrator generally to pay its debts as such debts become due or the
taking of corporate action by the Administrator in furtherance of any of the
foregoing; or
(iv) any
failure by the Administrator to deliver any information, report,
certification,
compliance certificate, attestation or
accountants’ letter when and as required under Section
1.21 which
continues unremedied for fifteen (15) calendar days after the date on which such
information, report, certification,
compliance certificate, attestation or
accountants’ letter was required to be delivered.
The
Administrator agrees that if any of the events specified in clauses (ii) or
(iii) above shall occur, it shall give written notice thereof to the Issuer and
the Indenture Trustee within seven days after the occurrence of such
event.
(d) No
resignation or removal of the Administrator pursuant to this Section shall be
effective until (i) a successor Administrator shall have been appointed by the
Issuer and (ii) such successor Administrator shall have agreed in writing to be
bound by the terms of this Agreement in the same manner as the Administrator is
bound hereunder.
(e) The
appointment of any successor Administrator shall be effective only after
satisfaction of the Rating Agency Condition with respect to the proposed
appointment.
(f) Subject
to Sections 1.09(d) and 1.09(e), the Administrator acknowledges that upon the
appointment of a successor Servicer pursuant to the Sale and Servicing
Agreement, the Administrator shall immediately resign and such successor
Servicer shall automatically become the Administrator under this
Agreement.
Section
1.10 Action Upon Termination,
Resignation or Removal. Promptly upon the effective date of
termination of this Agreement pursuant to the first sentence of Section 1.09 or
the resignation or removal of the Administrator pursuant to Section 1.09(a), (b)
or (c), respectively, the Administrator shall be entitled to be paid all fees
and reimbursable expenses accruing to it to the date of such termination,
resignation or removal. The Administrator shall forthwith upon such termination
pursuant to the first sentence of Section 1.09 deliver to the Issuer all
property and documents of or relating to the Collateral then in the custody of
the Administrator. In the event of the resignation or removal of the
Administrator pursuant to Section 1.09(a), (b) or (c), respectively, the
Administrator shall cooperate with the Issuer and take all reasonable steps
requested to assist the Issuer in making an orderly transfer of the duties of
the Administrator.
9
Section
1.11 Notices. All
demands, notices and communications hereunder shall be in writing and shall be
delivered or mailed by registered or certified first-class United States mail,
postage prepaid, hand delivery, prepaid courier service, overnight delivery
service, by facsimile, by electronic mail (if an address therefore has been
provided by the respective party in writing), and addressed in each case as
follows: (a) if to the Issuer or the Owner Trustee, to: Deutsche Bank Trust
Company Delaware, 0000 Xxxxxx Xxxx, Xxxxx 000, Xxxxxxxxxx, Xxxxxxxx 00000,
Attention: Asset Backed Securities Unit – Honda Auto Receivables 2010-2, with a
copy to Deutsche Bank National Trust Company, Structured Finance Services-ABS,
000 Xxxxx Xxx, 0xx Xxxxx - XX XXX00-0000, Xxxxxx Xxxx, XX 00000-3901, (b) if to
the Administrator, to: American Honda Finance Corporation, 00000 Xxxxxxx Xxxxxx,
Xxxxxxxx, Xxxxxxxxxx 00000, Attention: President; (c) if to the Depositor, to:
American Honda Receivables Corp., 00000 Xxxxxxx Xxxxxx, Xxxxxxxx, Xxxxxxxxxx
00000, Attention: President; and (d) if to the Indenture Trustee, to: The Bank
of New York Mellon, 000 Xxxxxxx Xxxxxx, Xxxxx 0 Xxxx, Xxx Xxxx, Xxx Xxxx
00000 Attention: Asset
Backed Securities Unit - Honda Auto Receivables 2010-2; or to such other address
as any party shall have provided to the other parties in writing. Any
notice required to be in writing hereunder shall be deemed given if such notice
is mailed by certified mail, postage prepaid, sent by overnight delivery
service, by facsimile, by electronic mail (if an address therefore has been
provided by the respective party in writing), or hand-delivered to the address
of such party as provided above.
Section
1.12 Amendments. This
Agreement may be amended from time to time by a written amendment duly executed
and delivered by the parties hereto, with the written consent of the Owner
Trustee but without the consent of the Noteholders or the Certificateholders,
for the purpose of adding any provisions to or changing in any manner or
eliminating any of the provisions of this Agreement or of modifying in any
manner the rights of the Noteholders or the Certificateholders; provided, that
such amendment will not, in the Opinion of Counsel satisfactory to the Indenture
Trustee, materially and adversely affect the interest of any of the Noteholders
or the Certificateholders. This Agreement may also be amended by the parties
hereto with the written consent of the Owner Trustee and the Holders of Notes
evidencing at least a majority of the Outstanding Amount and the Holders of
Trust Certificates evidencing at least a majority of the Percentage Interests
evidenced by the Trust Certificates for the purpose of adding any provisions to
or changing in any manner or eliminating any of the provisions of this Agreement
or of modifying in any manner the rights of the Noteholders or the
Certificateholders; provided, however, that no such amendment may (i) increase
or reduce in any manner the amount of, or accelerate or delay the timing of,
collections of payments on the Receivables or distributions that are required to
be made for the benefit of the Noteholders or the Certificateholders or (ii)
reduce the aforesaid percentage of the Holders of Notes and Trust Certificates
which are required to consent to any such amendment, without the written consent
of the Holders of all outstanding Notes and Trust Certificates. Notwithstanding
the foregoing, the Administrator may not amend this Agreement without the
permission of the Depositor, which permission shall not be unreasonably
withheld. Prior to its execution of any amendment to this Agreement,
the Owner Trustee and the Indenture Trustee shall be entitled to receive an
opinion of counsel, provided at the expense of the party requesting such
amendment, that such amendment is authorized and permitted by this
Agreement.
Section
1.13 Successors and
Assigns. This Agreement may not be assigned by the
Administrator unless such assignment is previously consented to in writing by
the Issuer and the Owner Trustee and subject to the satisfaction of the Rating
Agency Condition in respect thereof. An assignment with such consent and
satisfaction, if accepted by the assignee, shall bind the assignee hereunder in
the same manner as the Administrator is bound
hereunder. Notwithstanding the foregoing, this Agreement may be
assigned by the Administrator without the consent of the Issuer or the Owner
Trustee to a corporation or other organization that is a successor (by merger,
consolidation or purchase of assets) to the Administrator; provided, that such
successor organization executes and delivers to the Issuer, the Owner Trustee
and the Indenture Trustee an agreement, in form and substance reasonably
satisfactory to the Owner Trustee and the Indenture Trustee, in which such
corporation or other organization agrees to be bound hereunder by the terms of
said assignment in the same manner as the Administrator is bound
hereunder. Subject to the foregoing, this Agreement shall bind any
successors or assigns of the parties hereto.
10
Section
1.14 Governing Law; Submission to
Jurisdiction; Waiver of Jury Trial. THIS AGREEMENT SHALL BE CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS
CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE
PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH
LAWS.
Each
of the parties hereto hereby submits to the exclusive jurisdiction of the United
States District Court for the Southern District of New York and of any New York
State court sitting in New York City for purposes of all legal proceedings
arising out of or relating to this Agreement or the transactions contemplated
hereby. Each of the parties hereto hereby further irrevocably waives
any claim that any such courts lack jurisdiction over such party, and agrees not
to plead or claim, in any legal action or proceeding with respect to this
Agreement in any of the aforesaid courts, that any such court lacks jurisdiction
over such party. Each of the parties hereto irrevocably waives, to the fullest
extent permitted by law, any objection that it may now or hereafter have to the
laying of the venue of any such proceeding brought in such a court and any claim
that any such proceeding brought in such a court has been brought in an
inconvenient forum.
Each
party hereto hereby waives, to the fullest extent permitted by applicable law,
any right it may have to a trial by jury in respect of any litigation directly
or indirectly arising out of, under or in connection with this
agreement.
Section
1.15 Headings. The
headings of the various Sections herein are for convenience of reference only
and shall not define or limit any of the terms or provisions
hereof.
Section
1.16 Counterparts. This
Agreement may be executed by the parties hereto in separate counterparts, each
of which when so executed and delivered shall be an original, but all such
counterparts shall together constitute but one and the same
instrument.
Section
1.17 Severability. Any
provision of this Agreement that is prohibited or unenforceable in any
jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining
provisions hereof, and any such prohibition or unenforceability in any
jurisdiction shall not invalidate or render unenforceable such provision in any
other jurisdiction.
11
Section
1.18 Limitation of Liability of
Owner Trustee and Indenture Trustee.
(a) Notwithstanding
anything contained herein to the contrary, this instrument has been
countersigned by Deutsche Bank Trust Company Delaware, in its capacity as Owner
Trustee of the Issuer and in no event shall Deutsche Bank Trust Company
Delaware, in its individual capacity or any beneficial owner of the Issuer have
any liability for the representations, warranties, covenants, agreements or
other obligations of the Issuer hereunder, as to all of which recourse shall be
had solely to the assets of the Issuer. For all purposes of this Agreement, in
the performance of any duties or obligations of the Issuer hereunder, the Owner
Trustee shall be subject to, and entitled to the benefits of, the terms and
provisions of Articles Six, Seven and Eight of the Trust Agreement as if
specifically set forth herein.
(b) Notwithstanding
anything contained herein to the contrary, this Agreement has been executed by
The Bank of New York Mellon, in its capacity as Indenture Trustee under the
Indenture and in no event shall The Bank of New York Mellon, in its individual
capacity have any liability for the representations, warranties, covenants,
agreements or other obligations of the Issuer hereunder or in any of the
certificates, notices or agreements delivered pursuant hereto, as to all of
which recourse shall be had solely to the assets of the Issuer.
Section
1.19 Third-Party
Beneficiary. The Owner Trustee and other indemnitees hereunder
are third-party beneficiaries to this Agreement and are entitled to the rights
and benefits hereunder and may enforce the provisions hereof as if they were
parties hereto.
Section
1.20 Rights of the Indenture
Trustee. The Indenture Trustee shall be afforded the same
rights, protections, immunities and indemnities set forth in the Indenture as if
specifically set forth herein.
Section
1.21 Additional Requirements of
the Administrator.
(a) Reporting
Requirements.
(i) If
so requested by the Issuer for
the purpose of satisfying its reporting obligation under the Exchange Act with
respect to any class of asset-backed securities, the
Administrator shall (i) notify the Issuer in
writing of any material litigation or governmental proceedings pending against
the Administrator and (ii) provide to the Issuer a
description of such proceedings.
(ii) As a
condition to the succession to Administrator as administrator by any Person as
permitted by Section 1.09 hereof
the Administrator shall provide to the succeeding Administrator,
on behalf of the Issuer, at
least 10 Business Days prior to the effective date of such succession or
appointment, (x) written notice of such succession or appointment and (y) in
writing all information in order to comply with its reporting obligation under
Item 6.02 of Form 8-K with respect to any class of asset-backed
securities.
12
(iii) In
addition to such information as the Administrator, as administrator, is
obligated to provide pursuant to other provisions of this Agreement, if so
requested by the Issuer, the
Administrator shall provide such information regarding the performance or
servicing of the Receivables as
is reasonably required to facilitate preparation of distribution reports in
accordance with Item 1121 of Regulation AB.
(b) Administrator Compliance Statement. On or
before June 1st of each calendar
year, commencing in 2011, the Administrator
shall deliver to the Issuer a statement of compliance addressed to the Issuer and signed
by an authorized officer of the Administrator to the effect that (i) a review of
the Administrator’s activities during the immediately preceding reporting year (or
applicable portion thereof) and of its performance under this Agreement during
such period has been made under such officer’s supervision, and (ii) to the best
of such officer’s knowledge, based on such review, the Administrator has
fulfilled all of its obligations under this Agreement in all material respects
throughout such reporting year (or applicable portion thereof) or, if there has
been a failure to fulfill any such obligation in any material respect,
specifically identifying each such failure known to such officer and the nature
and the status thereof. If the
Administrator is the same party as the Servicer, such party’s compliance with
Section 3.11(a) of the Sale and Servicing Agreement will satisfy the
Administrator’s obligations set forth in this Section
1.21(b).
(c) Report on
Assessment of Compliance and Attestation
On or
before 90 days after the end of each fiscal year during
which the Issuer is required to file a report on Form 10-K with the Securities
and Exchange Commission,
commencing with the fiscal
year ended March 31, 2011, the
Administrator shall:
(i) deliver
to the Issuer and Owner
Trustee a report
(in form and substance reasonably satisfactory to the Issuer)
regarding the Administrator’s assessment of compliance with the Servicing
Criteria during the immediately preceding reporting year, as
required under Rules 13a-18 and 15d-18 of the Exchange Act and Item 1122 of
Regulation AB. Such report shall be addressed to the Issuer
and the Owner Trustee and
signed by an authorized officer of the Administrator, and shall address each of
the Servicing Criteria specified in Exhibit C
hereto
delivered to the Issuer
and the Owner Trustee
concurrently with the execution of this
Agreement;
(ii) deliver
to the Issuer
and the Owner Trustee a report
of a registered public accounting firm reasonably acceptable to the Issuer that
attests to, and reports on, the assessment of compliance made by the
Administrator and delivered pursuant to the preceding paragraph. Such
attestation shall be in accordance with Rules 1-02(a)(3) and 2-02(g) of
Regulation S-X under the Securities Act and the Exchange Act;
and
(iii) if requested by the Issuer on or before May
1st of the calendar year in which such certification is to
be delivered, deliver to the Issuer and the Owner
Trustee and any other Person that will be
responsible for signing the certification a Sarbanes Certification on behalf of
an asset-backed issuer with respect to a securitization transaction a
certification in the form attached hereto
as Exhibit B.
13
The
Administrator acknowledges that the parties identified in clause (a)(iii) above
may rely on the certification provided by the Administrator pursuant to such
clause in signing a Sarbanes Certification and filing such with the
Commission. The Issuer will not request delivery of a certification
under clause (a)(iii) above unless the Depositor is required under the Exchange
Act to file an annual report on Form 10-K with respect to an issuing entity
whose asset pool includes the Receivables.
If the
Administrator is the same party as the Servicer, such party’s compliance with
Section 3.12 of the Sale and Servicing Agreement will satisfy the
Administrator’s obligations set forth in this Section 1.21(c).
(d) Intent of
the Parties; Reasonableness. The Issuer and the
Administrator acknowledge and agree that the purpose of Section
1.21 of this
Agreement is to facilitate compliance by the Issuer with the
provisions of Regulation AB and related rules and regulations of the
Commission.
Neither
the Issuer nor the Administrator shall exercise its right to request delivery of
information or other performance under these provisions other than in good
faith, or for purposes other than compliance with the Securities Act, the
Exchange Act and the rules and regulations of the Commission thereunder (or the
provision in a private offering of disclosure comparable to that required under
the Securities Act). The Administrator acknowledges that the
requirements of, and that the interpretations of the requirements of Regulation
AB may change over time, whether due to interpretive guidance provided by the
Commission or its staff, consensus among participants in the asset-backed
securities markets, advice of counsel, amendments to the regulation, or
otherwise, and agrees to comply with requests made by the Indenture Trustee, the
Servicer or any other party to the Transaction Documents in good faith for
delivery of information under these provisions on the basis of evolving
interpretations and rules of Regulation AB. In connection therewith,
the Administrator shall cooperate fully with the Administrator, on behalf of the
Issuer to deliver to the Administrator, on behalf of the Issuer (including any
of its assignees or designees), any and all statements, reports, certifications,
records and any other information necessary in the good faith determination of
the Administrator, on behalf of the Issuer, to permit the Administrator, on
behalf of the Issuer, to comply with the provisions of Regulation
AB.
The
Issuer (including any of its assignees or designees) shall cooperate with the
Administrator by providing timely notice of requests for information under these
provisions and by reasonably limiting such requests to information required, in
the Administrator’s, on behalf of the Issuer, reasonable judgment, to comply
with Regulation AB.
14
IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly
executed and delivered as of the day and year first above written.
HONDA
AUTO RECEIVABLES 2010-2 OWNER
TRUST,
|
|
as
Issuer
|
|
By:
|
DEUTSCHE
BANK TRUST COMPANY DELAWARE,
|
not
in its individual capacity
|
|
but
solely as Owner Trustee
|
|
By:
|
/s/ Xxxx XxXxxxxxx
|
Name:
Xxxx XxXxxxxxx
|
|
Title:
Attorney-in-fact
|
|
By:
|
/s/ Xxxxxxx XX Xxxx
|
Name:
Xxxxxxx XX Xxxx
|
|
Title:
Attorney-in-fact
|
|
AMERICAN
HONDA RECEIVABLES CORP.,
|
|
as
Depositor
|
|
By:
|
/s/ X. Xxxxx
|
Name:
X. Xxxxx
|
|
Title:
President
|
|
THE
BANK OF NEW YORK MELLON,
|
|
not
in its individual capacity but solely as
|
|
Indenture
Trustee
|
|
By:
|
/s/ Xxxxxxx Xxxxx
|
Name:
Xxxxxxx Xxxxx
|
|
Title:
Vice President
|
|
AMERICAN
HONDA FINANCE
CORPORATION,
|
|
as
Administrator
|
|
By:
|
/s/ X. Xxxxx
|
Name:
X. Xxxxx
|
|
Title:
President
|
EXHIBIT
A
POWER OF
ATTORNEY PURSUANT TO
SECTION
1.02(c) OF ADMINISTRATION AGREEMENT
KNOW ALL
MEN BY THESE PRESENTS, that Honda Auto Receivables 2010-2 Owner Trust, a
Delaware statutory trust (the “Issuer”), does hereby appoint American Honda
Finance Corporation, a California corporation (the “Grantee”), located at 00000
Xxxxxxx Xxxxxx, Xxxxxxxx, Xxxxxxxxxx 00000, as its attorney-in-fact with full
power of substitution and hereby authorizes and empowers the Grantee, in the
name of and on behalf of the Grantor or the Issuer, to take the following
actions from time to time with respect to the duties of the Administrator under
the Administration Agreement, dated as of May 1, 2010 (the “Administration
Agreement”), among the Issuer, the Administrator, American Honda Receivables
Corp., as depositor and The Bank of New York Mellon, as indenture trustee, for
the purpose of executing on behalf of the Grantor or the Issuer all such
documents, reports, filings, instruments, certificates and opinions required
pursuant to the Related Documents:
The
Grantee is hereby empowered to do any and all lawful acts necessary or desirable
to effect the performance of the duties under the Administration Agreement and
the Grantor hereby ratifies and confirms any and all lawful acts the Grantee
shall undertake pursuant to and in conformity with this Power of
Attorney.
This
Power of Attorney is revocable in whole or in part as to the powers herein
granted upon notice by the Grantor. If not earlier revoked, this Power of
Attorney shall expire completely or, if so indicated, in part, upon the earlier
of (i) the termination of the amended and restated trust agreement, dated May
18, 2010 (the “Trust Agreement”), between American Honda Receivables Corp., as
depositor and Deutsche Bank Trust Company Delaware, as Owner Trustee or (ii) the
termination of the Administration Agreement, as each may be amended, restated or
supplemented from time to time. Capitalized terms used herein that are not
otherwise defined shall have the meanings ascribed thereto in the Trust
Agreement or the Administration Agreement, as the case may be.
THIS
POWER OF ATTORNEY SHALL BE CREATED UNDER AND GOVERNED AND CONSTRUED UNDER THE
INTERNAL LAWS OF THE STATE OF NEW YORK.
The
Grantor executes this Power of Attorney with the intent to be legally bound
hereby, and with the intent that such execution shall have the full dignity
afforded by the accompanying witnessing and notarization and all lesser dignity
resulting from the absence of such witnessing and notarization or any
combination thereof.
A-1
Dated
this __ day of May, 2010.
[Seal]
|
HONDA
AUTO RECEIVABLES 2010-2 OWNER
TRUST,
|
||
as
Issuer
|
|||
|
By:
|
DEUTSCHE
BANK TRUST COMPANY
DELAWARE,
|
|
not
in its individual capacity
|
|||
but
solely as Owner Trustee
|
|||
By:
|
|||
Name:
|
|||
Title:
|
|||
By:
|
|||
Name:
|
|||
Title:
|
Signed
and delivered in the presence of.
______________________________
Address:______________________________
[Unofficial
Witness]
A-2
EXHIBIT
B
FORM OF
SARBANES CERTIFICATE
I, [____________], certify
that:
1. I have
reviewed this report on Form 10-K and all reports on Form 10-D required to be
filed in respect of the period covered by this report on Form 10-K of Honda Auto
Receivables 2010-2 Owner Trust (the “Exchange Act periodic
reports”);
2. Based
on my knowledge, the Exchange Act periodic reports, taken as a whole, do not
contain any untrue statement of a material fact or omit to state a material fact
necessary to make the statements made, in light of the circumstances under which
such statements were made, not misleading with respect to the period covered by
this report;
3. Based
on my knowledge, all of the distribution, servicing and other information
required to be provided under Form 10-D for the period covered by this report is
included in the Exchange Act periodic reports;
4. I am
responsible for reviewing the activities performed by the servicers and based on
my knowledge and the compliance reviews conducted in preparing the servicer
compliance statements required in this report under Item 1123 of Regulation AB,
and except as disclosed in the Exchange Act periodic reports, the servicers have
fulfilled their obligations under the servicing agreements in all material
respects; and
5. All
the reports on assessment of compliance with servicing criteria for asset-backed
securities and their related attestation reports on assessment of compliance
with servicing criteria for asset-backed securities required to be included in
this report in accordance with Item 1122 of Regulation AB and Exchange Act Rules
13a-18 and 15d-18 have been included as an exhibit to this report, except as
otherwise disclosed in this report. Any material instances of noncompliance
described in such reports have been disclosed in this report on Form
10-K.
In giving
the certifications above, I have reasonably relied on information provided to me
by the following unaffiliated parties: [_____________]
Date:
[____________]
By:
|
|
Name: [_________]
|
|
Title:
[_________]
|
B-1
EXHIBIT C
SERVICING
CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE
The
assessment of compliance to be delivered by the Administrator, shall address, at
a minimum, the criteria identified as below as “Applicable Servicing
Criteria”:
Reference
|
Criteria
|
|
General
Servicing Considerations
|
||
1122(d)(1)(i)
|
Policies
and procedures are instituted to monitor any performance or other triggers
and events of default in accordance with the transaction
agreements.
|
|
1122(d)(1)(ii)
|
If
any material servicing activities are outsourced to third parties,
policies and procedures are instituted to monitor the third party’s
performance and compliance with such servicing
activities.
|
|
1122(d)(1)(iii)
|
Any
requirements in the transaction agreements to maintain a back-up servicer
for the receivables are
maintained.
|
|
Cash
Collection and Administration
|
||
1122(d)(2)(i)
|
Payments
on receivables are
deposited into the appropriate custodial bank accounts and related bank
clearing accounts no more than two business days following receipt, or
such other number of days specified in the transaction
agreements.
|
|
1122(d)(2)(ii)
|
Disbursements
made via wire transfer on behalf of an obligor or to an investor are made
only by authorized personnel.
|
|
1122(d)(2)(iii)
|
Advances
of funds or guarantees regarding collections, cash flows or distributions,
and any interest or other fees charged for such advances, are made,
reviewed and approved as specified in the transaction
agreements.
|
|
1122(d)(2)(iv)
|
The
related accounts for the transaction, such as cash reserve accounts or
accounts established as a form of overcollateralization, are separately
maintained (e.g., with respect to commingling of cash) as set forth in the
transaction agreements.
|
|
1122(d)(2)(v)
|
Each
custodial account is maintained at a federally insured depository
institution as set forth in the transaction agreements. For purposes of
this criterion, “federally insured depository institution” with respect to
a foreign financial institution means a foreign financial institution that
meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange
Act.
|
|
1122(d)(2)(vi)
|
Unissued
checks are safeguarded so as to prevent unauthorized
access.
|
|
1122(d)(2)(vii)
|
Reconciliations
are prepared on a monthly basis for all asset-backed securities related
bank accounts, including custodial accounts and related bank clearing
accounts. These reconciliations are (A) mathematically accurate; (B)
prepared within 30 calendar days after the bank statement cutoff date, or
such other number of days specified in the transaction agreements; (C)
reviewed and approved by someone other than the person who prepared the
reconciliation; and (D) contain explanations for reconciling items. These
reconciling items are resolved within 90 calendar days of their original
identification, or such other number of days specified in the transaction
agreements.
|
C-1
Reference
|
Criteria
|
|
Investor
Remittances and Reporting
|
||
1122(d)(3)(i)
|
Reports
to investors, including those to be filed with the Commission, are
maintained in accordance with the transaction agreements and applicable
Commission requirements. Specifically, such reports (A) are prepared in
accordance with timeframes and other terms set forth in the transaction
agreements; (B) provide information calculated in accordance with the
terms specified in the transaction agreements; (C) are filed with the
Commission as required by its rules and regulations; and (D) agree with
investors’ or the trustee’s records as to the total unpaid principal
balance and number of receivables serviced
by the Servicer.
|
|
1122(d)(3)(ii)
|
Amounts
due to investors are allocated and remitted in accordance with timeframes,
distribution priority and other terms set forth in the transaction
agreements.
|
|
1122(d)(3)(iii)
|
Disbursements
made to an investor are posted within two business days to the Servicer’s
investor records, or such other number of days specified in the
transaction agreements.
|
|
1122(d)(3)(iv)
|
Amounts
remitted to investors per the investor reports agree with cancelled
checks, or other form of payment, or custodial bank
statements.
|
|
Pool
Asset Administration
|
||
1122(d)(4)(i)
|
Collateral
or security on receivables is maintained as required by the transaction
agreements or related receivables documents.
|
|
1122(d)(4)(ii)
|
Receivables
and related documents are safeguarded as required by the transaction
agreements
|
|
1122(d)(4)(iii)
|
Any
additions, removals or substitutions to the asset pool are made, reviewed
and approved in accordance with any conditions or requirements in the
transaction agreements.
|
|
1122(d)(4)(iv)
|
Payments
on receivables, including any payoffs, made in accordance with the related
receivables documents are posted to the Servicer’s obligor records
maintained no more than two business days after receipt, or such other
number of days specified in the transaction agreements, and allocated to
principal, interest or other items (e.g., escrow) in accordance with the
related receivables documents.
|
|
1122(d)(4)(v)
|
The
Servicer’s records regarding the receivables agree with the Servicer’s
records with respect to an obligor’s unpaid principal
balance.
|
|
1122(d)(4)(vi)
|
Changes
with respect to the terms or status of an obligor's receivables (e.g.,
loan modifications or re-agings) are made, reviewed and approved by
authorized personnel in accordance with the transaction agreements and
related pool asset documents.
|
|
1122(d)(4)(vii)
|
Loss
mitigation or recovery actions (e.g., forbearance plans, modifications and
deeds in lieu of foreclosure, foreclosures and repossessions, as
applicable) are initiated, conducted and concluded in accordance with the
timeframes or other requirements established by the transaction
agreements.
|
|
1122(d)(4)(viii)
|
Records
documenting collection efforts are maintained during the period a
receivable is delinquent in accordance with the transaction agreements.
Such records are maintained on at least a monthly basis, or such other
period specified in the transaction agreements, and describe the entity’s
activities in monitoring delinquent receivables including, for example,
phone calls, letters and payment rescheduling plans in cases where
delinquency is deemed temporary (e.g., illness or
unemployment).
|
|
1122(d)(4)(ix)
|
Adjustments
to interest rates or rates of return for receivables with variable rates
are computed based on the related receivables
documents.
|
C-2
Reference
|
Criteria
|
|
1122(d)(4)(x)
|
Regarding
any funds held in trust for an obligor (such as escrow accounts): (A) such
funds are analyzed, in accordance with the obligor’s receivables
documents, on at least an annual basis, or such other period specified in
the transaction agreements; (B) interest on such funds is paid, or
credited, to obligors in accordance with applicable receivables documents
and state laws; and (C) such funds are returned to the obligor within 30
calendar days of full repayment of the related receivables, or such other
number of days specified in the transaction
agreements.
|
|
1122(d)(4)(xii)
|
Any
late payment penalties in connection with any payment to be made on behalf
of an obligor are paid from the servicer’s funds and not charged to the
obligor, unless the late payment was due to the obligor’s error or
omission.
|
|
1122(d)(4)(xiii)
|
Disbursements
made on behalf of an obligor are posted within two business days to the
obligor’s records maintained by the servicer, or such other number of days
specified in the transaction agreements.
|
|
1122(d)(4)(xiv)
|
Delinquencies,
charge-offs and uncollectible accounts are recognized and recorded in
accordance with the transaction agreements.
|
|
1122(d)(4)(xv)
|
Any
external enhancement or other support, identified in Item 1114(a)(1)
through (3) or Item 1115 of Regulation AB, is maintained as set forth in
the transaction agreements.
|
C-3